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LII

Lennox

$279.06

-4.87 (-1.72%)

07:38
07/22/19
07/22
07:38
07/22/19
07:38

Lennox CEO says 'significantly cooler temperatures' impacted HVAC market in Q2

"Significantly cooler temperatures and higher precipitation across the United States adversely impacted the HVAC market in the second quarter, and especially in key Central regions where cooling degree days were down over 30% and precipitation was up over 60%," said Chairman and CEO Todd Bluedorn. "Residential segment revenue was down 3% at constant currency and down 4% on a reported basis in the quarter, profit was flat, and margin expanded 80 basis points to 22.3%. Residential price yield was 3.6% in the quarter. Our Residential business had negative tornado impact of $28 million to revenue in the second quarter and $16 million to segment profit offset by $18 million of insurance recovery. Adjusting for the net impact from the tornado and insurance proceeds, Residential revenue was flat, profit was down 1%, and margin was down 40 basis points to 21.1%. "Slower moving shipments in the industry due to adverse weather has slowed regaining market share following the tornado and extends our recovery timeline to include the fourth quarter," Bluedorn added. "For 2019 overall, we now expect $99 million of negative tornado impact to Residential revenue, up from $70 million previously; a negative $54 million impact to segment profit, up from $40 million previously; and insurance recovery for lost profits of $94 million, up from $80 million previously. The resulting $40 million of net benefit to Residential segment profit in 2019 is unchanged. Our Commercial business hit a new second-quarter high for revenue and set new records for segment profit and margin. Commercial revenue was up 4%, led by high-single digit growth in National Account equipment business. Segment profit rose 6% to a record $54 million, and segment margin expanded 50 basis points to a record 20.6%. In Refrigeration, adjusted segment revenue rose 5% at constant currency with volume up in Europe and down in North America. Adjusted segment profit was down 19%, and adjusted segment margin declined 340 basis points to 12.8%, due in part to lower mix and the timing of the sale of refrigerant allocations in Europe compared to the prior-year quarter. We continue to expect revenue growth for both of these businesses in the second half but have reduced the outlook on commercial and refrigeration end markets."

  • 22

    Jul

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    Nov

LII Lennox
$279.06

-4.87 (-1.72%)

05/24/19
UBSW
05/24/19
DOWNGRADE
Target $235
UBSW
Sell
Lennox downgraded to Sell on 'peak multiple' at UBS
UBS analyst Damian Karas downgraded Lennox International to Sell from Neutral with an unchanged price target of $235. The company is trading at a "peak multiple on peak growth," Karas tells investors in a research note.
05/24/19
05/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Avon Products (AVP) downgraded to Neutral from Buy at DA Davidson. 2. SQM (SQM) downgraded to Market Perform from Outperform at BMO Capital with analyst Joel Jackson saying a lithium rebound or a bottoming in sentiment may take longer and that the company's earnings trajectory no longer warrants a bullish outlook. 3. Lennox (LII) downgraded to Sell from Neutral at UBS with analyst Damian Karas saying the company is trading at a "peak multiple on peak growth." 4. Weibo (WB) downgraded to Reduce from Hold at HSBC. 5. Big Lots (BIG) downgraded to Neutral from Overweight at Piper Jaffray with analyst Peter Keith saying the downgrade is based on risk to first half of 2019 estimates as well as ongoing tariff concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/08/19
JPMS
07/08/19
DOWNGRADE
Target $231
JPMS
Underweight
Lennox downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Steve Tusa downgraded Lennox International to Underweight from Neutral with an unchanged price target of $231.
07/08/19
JPMS
07/08/19
DOWNGRADE
Target $231
JPMS
Underweight
JPMorgan's Tusa downgrades Lennox to Underweight with $231 price target
JPMorgan analyst Stephen Tusa downgraded Lennox International (LII) to Underweight from Neutral with an unchanged price target of $231. The analyst this morning also upgraded Johnson Controls (JCI) to Neutral from Underweight. Lennox's standing premium to implied HVAC multiples "at soon to be pure play peers seems overdone," Tusa tells investors in a research note. The analyst believes the emergence of two new pure plays, "seemingly currently trading at ~30% discounts," dilutes Lennox's scarcity value. Tusa's price target implies 20% downside versus his Overweight-rated HVAC related names, Ingersoll-Rand (IR) and United Technologies (UTX).

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NDAQ

Nasdaq

$99.32

-0.19 (-0.19%)

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SEAS

SeaWorld

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$NSD

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
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ADUS

Addus HomeCare

$77.36

-0.74 (-0.95%)

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Conference/Events
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TNXP

Tonix Pharmaceuticals

$0.49

0.0136 (2.89%)

16:15
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XOM

Exxon Mobil

$73.76

1.13 (1.56%)

, CVX

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$124.13

2.67 (2.20%)

16:14
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On The Fly
Fly Intel: Wall Street's top stories for Monday »

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XOM

Exxon Mobil

$73.76

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$124.13

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New Relic

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$3.01

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APA

Apache

$28.46

4.13 (16.97%)

16:14
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  • 02

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ALDR

Alder Biopharmaceuticals

$18.59

8.54 (84.98%)

16:13
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Alder Biopharmaceuticals rating change  »

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CME

CME Group

$207.10

1.35 (0.66%)

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ICE

IntercontinentalExchange

$91.87

1.04 (1.15%)

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  • 31

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NDAQ

Nasdaq

$99.21

-0.3 (-0.30%)

16:12
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  • 19

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CBOE

Cboe Global Markets

$111.07

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16:11
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BBCP

Concrete Pumping

$4.33

0.195 (4.72%)

16:10
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Earnings
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  • 16

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BBCP

Concrete Pumping

$4.33

0.195 (4.72%)

16:07
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Earnings
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  • 16

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MRVL

Marvell

$25.42

-0.43 (-1.66%)

16:07
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EAST

Eastside Distilling

$4.99

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LNG

Cheniere Energy

$65.71

0.21 (0.32%)

, EOG

EOG Resources

$85.61

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EOG

EOG Resources

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UFPI

Universal Forest

$40.47

-0.66 (-1.60%)

16:06
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Universal Forest acquires Pallet USA »

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  • 24

    Oct

BJ

BJ's Wholesale

$26.81

-0.64 (-2.33%)

16:05
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BJ's Wholesale names Lee Delaney president »

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  • 24

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PSTV

Plus Therapeutics

$9.50

-0.06 (-0.63%)

16:05
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